The decision in the matter of ASIC v Franklin and Ors was handed down this morning with their honours Justices White, Jessup and Robertson unanimously determining that Stirling Horne, Glenn Franklin and Jason Stone had not breached the DIRRI requirements and refused to read further requirements into s436DA of theCorporations Act as proposed by ASIC.

The Court found in favour of ASIC in respect of the apprehension issue.

The liquidators are currently considering whether to appeal the decision to the High Court.